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Principles of social science
again. In 1680, he capitalized on this business opportunity and founded The Fire Office in London, which was recognized as the first joint-stock company for fire insurance. Its mission: to help people to get back on their feet and get their money back after the fire. James Dalton, of the Association of British Insurers, said: "The Great Fire of London led to the modern insurance industry we know today”. This demonstrates the immense impact that Barbon had on the development of London after the fire, and how his concepts and business ideas helped thousands of people continue their lives when all seemed lost- affecting even modern society.5
Before the Great Fire of London, there was not a system of fire brigades like there is today to control the fires and put them out when needed. As a result, when the fire broke out into the streets and began to swallow the buildings into the flames, there was no system of rescue service set in place to help the people, and no way to contain the fire quickly and efficiently. After the fire, many people saw this as a necessity to prevent tragedies of the same immense capacity from happening again. If the Great Fire ever did reoccur, they knew that they needed to be much more prepared, with supplies and services. In addition to this, proponents of the system saw an opportunity to profit, as well as helping those in need- Nicholas Barbon benefited from his insurance company as much as the community did. So, in 1721, Richard Newsham invented a new mechanical machine- known today as the 'fire engine'- that could extinguish fires almost immediately, saving hundreds of lives and homes. The fire engine was a practical idea to ensure
5 Claire Smetana, "Innovators, Visionaries and Leaders: Nicholas Barbon." Insurance Hall of Fame; Sian Davies, "Five Ways the Great Fire Changed London." BBC News, July 2016; Edwin Heathcote, "How the Great Fire of 666 Shaped Modern-day London." Financiai Times. https://www.ft.com/content/a22c930c-6a0d- e6-a0b -d87a9fea034f.
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